Say Whaaaaaaaaaaat ? I love both the brands and I am excited about this union. But I am also very curious to know what this means to Smashbox. It is one of my most favorite makeup brands out there and well...really really curious to see what changes this brings...
A few excerpts from the press release
"The Estée Lauder Companies Inc. (NYSE: EL) announced today that it has signed a definitive agreement to acquire Smashbox Beauty Cosmetics, Inc., a privately held, photo studio-inspired prestige cosmetics company based in Los Angeles, California. The acquisition is expected to close in July 2010, subject to certain conditions, including regulatory approval. While terms of the deal were not disclosed, the Company said that the transaction is expected to be accretive to earnings in fiscal year 2011, before transaction and integration costs.
Smashbox Beauty Cosmetics was founded in 1996 by brothers Dean and Davis Factor, great-grandsons of the makeup legend Max Factor, who were inspired by photo studio celebrities to create a unique makeup brand that met the highly demanding needs of a professional photo shoot. Since that time, Smashbox has established itself as a highly successful prestige cosmetics brand and a top performer in specialty channels. Currently, the majority of Smashbox’s sales are based in North America.
William P. Lauder, Executive Chairman of The Estée Lauder Companies, said, “One of the enduring strengths of The Estée Lauder Companies is our ability to identify brands with unique positioning and nurture those brands to accelerate their momentum and realize their full growth potential. The addition of Smashbox to our portfolio continues this 64-year legacy. We expect that with our strong cultural synergies and shared appreciation for family heritage, this will be a wonderful union.”
The Estée Lauder Companies will collaborate with the Smashbox organization to develop a comprehensive integration plan to transition Smashbox into The Estee Lauder Companies’ family after closing. Dean Factor, co-founder and Chief Executive Officer, Davis Factor, co-founder, Chief Creative Office and celebrity photographer, and Budd Taylor, President, will each play key roles with respect to these activities and the continued success of Smashbox. Smashbox will continue operating out of its Los Angeles, California office."
Love,
Indian Girl
A few excerpts from the press release
"The Estée Lauder Companies Inc. (NYSE: EL) announced today that it has signed a definitive agreement to acquire Smashbox Beauty Cosmetics, Inc., a privately held, photo studio-inspired prestige cosmetics company based in Los Angeles, California. The acquisition is expected to close in July 2010, subject to certain conditions, including regulatory approval. While terms of the deal were not disclosed, the Company said that the transaction is expected to be accretive to earnings in fiscal year 2011, before transaction and integration costs.
Smashbox Beauty Cosmetics was founded in 1996 by brothers Dean and Davis Factor, great-grandsons of the makeup legend Max Factor, who were inspired by photo studio celebrities to create a unique makeup brand that met the highly demanding needs of a professional photo shoot. Since that time, Smashbox has established itself as a highly successful prestige cosmetics brand and a top performer in specialty channels. Currently, the majority of Smashbox’s sales are based in North America.
William P. Lauder, Executive Chairman of The Estée Lauder Companies, said, “One of the enduring strengths of The Estée Lauder Companies is our ability to identify brands with unique positioning and nurture those brands to accelerate their momentum and realize their full growth potential. The addition of Smashbox to our portfolio continues this 64-year legacy. We expect that with our strong cultural synergies and shared appreciation for family heritage, this will be a wonderful union.”
The Estée Lauder Companies will collaborate with the Smashbox organization to develop a comprehensive integration plan to transition Smashbox into The Estee Lauder Companies’ family after closing. Dean Factor, co-founder and Chief Executive Officer, Davis Factor, co-founder, Chief Creative Office and celebrity photographer, and Budd Taylor, President, will each play key roles with respect to these activities and the continued success of Smashbox. Smashbox will continue operating out of its Los Angeles, California office."
Love,
Indian Girl